Time to trade GCCFC 2007-GG11 and CGCMT 2008-C7 exceedingly carefully. According to an article from The Real Deal just moments ago, the 16-building, six-million square-foot property known as Bush Terminal has been refinanced by the Bank of China and SL Green. The existing loan, which is split between the two aforementioned deals, was modified and bifurcated in 2012. The original $300 million note was split into a $190 million A note and a $100 million Hope note. The loan has 23 months to run and can prepay freely now. By...

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In a Federal Register notice dated October 14, 2015, the Consumer Product Safety Commission (“CPSC”) published a final rule amending the regulations to clarify lead content testing requirements for dyed textiles in children’s products as well as the use of component part testing.  The CPSC found that some companies were misinterpreting these requirements resulting in unnecessary third-party testing burdens and costs. The final rule contains the following amendments: Children’s textile products subject to testing:  The rule clarifies that dyed textiles are not...

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DS-Concept Factoring, a global commercial finance company specializing in international non-recourse factoring, has provided a $1 million export accounts receivable facility to a components manufacturer in Germany. The client, a manufacturer of machinery components for power plants and energy suppliers, anticipates an annual factored volume of $10MM-$12MM. With this new export factoring facility in place, the client will continue to focus on their growing exports within the European Union. The DS-Concept Group maintains a network of offices and affiliates all over the world, including USA,...

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According to a Wall Street Journal article and a Barclays note, the long saga of StuyTown and Peter Cooper Village is coming to an end. Blackstone and a partner have apparently finalized a deal to purchase the property for $5.3 billion. The payoff could come as early as the November remittance. Based on the sale price, Barclays is projecting no bond loss, a repayment of all ASERs, advances, and fees, as well as a $172 million prepayment fee. On top...

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Released at the IIE Summit on Generation Study Abroad, this impact report spotlights examples of Generation Study Abroad commitment partners who have made noteworthy progress to date and details what they have committed to accomplish to help double the number of U.S. students going abroad by the end of the decade. Highlights from the report: •  More than 600 commitment partners have pledged to expand study abroad opportunities. •  Partners have committed $185 million in financial support over the next five years. •...

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The Department of Labor (“DOL”) proposed a revision to the “white collar” overtime exemption rule.  As explained by Littler when it testified before the House Subcommittee, “the proposed white collar exemptions are unprecedented in the 77-year history.”  Even after this week's hearing, it is unclear whether the rule will be implemented in its current version or whether additional changes will be made.  The proposed rule has been published for more than 60 days and therefore DOL has authority to...

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The judgment of 6 October 2015 in case C-23/14 marks the second time that the European Court of Justice (“ECJ”) had to consider the business practices of the former state-owned operator of the Danish postal service, Post Danmark. While the first judgment mainly concerned the predatory pricing policy of the former monopolist, the ECJ discusses in the present judgment the lawfulness of a rebate scheme under EU competition law. Rebate schemes Rebate schemes are common and widely spread in commercial life....

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Transparency International’s annual progress report shows that only a meagre 10% of the countries that signed the OECD Anti-Bribery Convention 16 years ago adhere to the standards. Just 4 out of 41 countries are actively enforcing the convention by investigating and prosecuting companies that bribe their way into business by providing payments to foreign officials. The enforcement rate in four countries has risen, but unfortunately Argentina slipped from limited enforcement in 2014 to little or no enforcement this year. José Ugaz,...

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On October 5, 2015 the Central Bank of Ireland (the “Central Bank”)issued a new set of regulations relating to Irish domiciled UCITS, their management companies and their depositaries titled Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2015(the "CBI UCITS Regulations”). The CBI UCITS Regulations will replace the UCITS Notices from November 1, 2015. The Central Bank UCITS Guidance Notes are also being replaced with website guidance which “will retain all of the guidance currently located in the Guidance Notes...

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GRANITO is pleased to announce its support of Project Atargatis, developed by its client the UK Company Terraenovum Ltd, with affiliation of over 170 companies related to the production of plant feed, fertilizer and biogas. GRANITO is the sole U.S./European consultant selected by Terraenovum in support of Project Atargatis, whose inauguration was celebrated in the magnificent scenario of Palazzo S. Giorgio, Trani, on October 4th with over 300 in attendance. GRANITO welcomes companies operating in the energy and biogas sector to grow globally...

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